Whether considering selling a property versus the expense and distraction of a remodel, values of properties are on the increase; time on market (if there is any time) is decreasing. Homeowners are contemplating if there is there a benefit to sell your home in a “hot” Seller’s market to take advantage of high property values to achieve a goal of perhaps down sizing, up sizing, less maintenance or even avoid the impact on life at home of an extensive remodel (if there is not a temporary move out).
If considering the benefits to remodel, in the Colorado Front Range market, there is a consideration of locating a contractor that is even available, much less a contractor that a property owner can trust. And, there will be a cost of a remodel to then consider the ROI of the a remodel. Additional factors to consider of the contemplation of “Sell – Upgrade or Downgrade” vs “Remodel is:
– Neighborbood location: can a similar neighborhood be duplicated – is there a commute line item to consider. If there is an openness to relocate, what is the guess that property values will increase in a new location?
– Size of home and property. Is the home too big/too small or possibly the lot is too much to maintain?
– Current condition. Is your property one of ‘differed’ maintenance? Maybe cut one’s expenses, and put dollars toward a replacement property?
– What is the ease to execute an actual move to take advantage of high property values.
A key thought regarding a remodel is investment cost. One factor: the shorter the hold on your home after a remodeling project has been completed, the less likely the owner is likely to recoup / ROI on the remodel.
Whether considering selling or doing a remodel, do not forget the basics: fresh paint, updated plumbing and electrical, status of the mechanicals, and something as simple as: clean and de-clutter. Even consider curb appeal, whether one is putting their house on the market or not.
With a little research, best bang for the buck to increase value of property to sell
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if considering the value of a remodel vs hold/ROI to exit a property, here’s a check list, and a link to detail on each line item and key, the % consideration of the ROI. Needless to write? invest in home improvements wisely.
Whether considering selling or doing a remodel, do not forget the basics: fresh paint, updated plumbing and electrical, status of the mechanicals, and key: clean and de-clutter. Even consider curb appeal, whether one is putting their house on the market or not.
Here is a check list, and a link to detail on each line item. Whether selling or remodeling, the same basics apply when consideration of the % ROI decision.
1. Indoor Systems
2. Outdoor Replacement Projects
3. Attic Bedroom
4. Add an Additional Bathroom
5. Kitchen Improvements
6. Boost Curb Appeal
7. Refurbish the Basement
8. Additional Storage
9. Additional Square Footage
10. Miscellaneous Home Improvements
This list is provided by Shannon O’Brien of RealEstate.com for all the specific details.
Cliff Daniels
Realtor
Active Properties
Boulder Colorado
720 434 1418
cliff@actprop.com
